Arizona Real Estate

The Rise of the Urban Core(s)

The Rise of the Urban Core(s)

This year could shape up to be a very exciting time for growth in metro Phoenix. In recent reports from the Phoenix Business Journal, this year’s new projects are centered on development of the ‘Urban Core’. Scottsdale Fashion Square’s owner Macerich has made an entitlement proposal for a 150-foot mixed-use extension that will incorporate commercial and residential. With the growth of high rises, the question remains, which East Valley areas will someday rival Phoenix’s Central Avenue.

The Phoenix metro area as a whole has long been known for its suburban growth, where surrounding communities like Scottsdale, Glendale, and Mesa have traditionally hosted commercial and residential neighborhoods sans taller structures. With more and more development firms looking upwards, expect to see this landscape begin to change.

The new business park by Tempe Town Lake called Marina Heights is a clear example the Valley’s upward growth. Others on the horizon include the current construction projects surrounding the Roosevelt Arts District that show continued growth in the ‘traditional’ urban core of Downtown Phoenix. The developments throughout the valley are building up, but Tempe and Scottsdale (both north and south) will soon be sporting some of the tallest new structures.

Chandler may be the notable exception in a valley that seems to be getting taller, where revitalization is relying primarily on small businesses reclaiming older commercial developments.

There have been many articles written over the last decade detailing the move of a younger generation out of the suburbs and back into a city’s urban core – Newsweek suggests it’s primarily because of the abundance of people – and now the ‘urban cores’ could be coming closer to them.

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